This paper is the first to discuss the design of futures hedging strategies in European natural gas markets (NBP, TTF and Zeebrugge). A common feature of energy prices is that conditional mean and volatility are driven by seasonal trends due to weather, demand, and storage level seasonalities....

In many futures markets, trading is concentrated in the front contract and positions are rolled-over until the strategy horizon is attained. In this paper, a pair-wise comparison between the conventional risk premium and the accrued risk premium in rolled-over positions in the front contract is...

Over the last decade decarbonisation has become a key priority for the EU. However, on the contrary of renewable energy or energy efficiency, the role of gas in this process has never been clearly defined. This uncertainty opens a wide debate on the future role of gas in the EU energy system,...

On December 1, 2014 Russian President Vladimir Putin surprised the energy world by announcing, during a state visit to Turkey, the demise of the long-planned South Stream pipeline project and the launch of a new project to evacuate Russian gas to Turkey and South-East Europe bypassing Ukraine:...

Over the last years Turkey has been increasingly associated in the international political and economic debate with concepts such as "gas corridor" and "gas hub". This characterization of Turkey is clearly mainly due to its unique geographical position at the crossroads the Caspian region, the...

Iran is the perennial "elephant in the room" of international gas trade. The country could well become, one day, a major game changer of international gas markets but today its potential still remains fundamentally untapped due to a number of geopolitical and commercial reasons. Iran owns the...

This article studies the likely impact of unconventional gas developments in the US on EU competitiveness. We find, first of all, little evidence for a prosperous unconventional gas development in Europe. Second, the US boom has already a strong impact on both world and European energy markets....

The security of natural gas supply is an important issue for all EU countries due to the region's heavy dependence on imported supply sources and in light of energy demand for gas that is continuously increasing. Discussions have emphasised strategies for securing the supply at the macro level,...